Step-by-step opening a business bank account in Spain
Communication Team
Communication Team

January 05, 2023

Share

Step-by-step opening a business bank account in Spain

Starting a business in Spain usually requires opening a business bank account. Here are the steps you can follow to open a business bank account in Spain:

  • Choose a bank: Research different banks and compare their fees, services, and reputation to find the one that best meets the needs of your business. Some popular banks in Spain include Banco Santander, BBVA, and CaixaBank.
  • Gather necessary documents: You will need to provide certain documents in order to open a business bank account in Spain. These may include your business registration certificate (Certificado de Inscripción en el Registro Mercantil), tax identification number (Número de Identificación Fiscal), and identification documents for the business owner(s).
  • Schedule an appointment: Contact the bank to schedule an appointment to open your business bank account. Make sure to confirm the required documents and any other information you need to bring with you.
  • Attend the appointment: Bring all necessary documents with you to the appointment. The bank may also require you to provide a business plan or other financial information.
  • Sign the contract: Once the bank has reviewed your documents and approved your application, you will be asked to sign a contract to open the business bank account.
  • Activate the account: After signing the contract, you will need to activate the account by making an initial deposit and setting up any required account management services, such as online banking or chequebooks.

It's a good idea to shop around and compare different banks before making a decision, as fees and services can vary widely. Keep in mind that you may need to provide additional documentation or information if you are a foreign business owner.

What legal documents do I need to open a business bank account?

To open a business bank account in Spain, you will typically need to provide the following legal documents:

  1. Business registration certificate (Certificado de Inscripción en el Registro Mercantil): This certificate confirms that your business is registered with the Spanish Commercial Register and includes important information about your business, such as the business name, legal structure, and owner(s).
  2. Tax identification number (Número de Identificación Fiscal): This number, also known as an NIF, is assigned to your business by the Spanish tax authorities and is used to identify your business for tax purposes.
  3. Identification documents for the business owner(s): You will need to provide identification documents for all individuals who are authorized to open and manage the business bank account. This may include a passport or national ID card.

In addition to these documents, the bank may also require you to provide a business plan or other financial information, such as a projected income statement or balance sheet. It's a good idea to check with the bank in advance to find out exactly which documents you need to bring to your appointment. If you are a foreign business owner, you may need to provide additional documentation or information.

How to register to open a business bank account in Spain

To open a business bank account in Spain, you will need to register your business with the Spanish Commercial Register (Registro Mercantil). Here are the steps you can follow to register your business:

Choose a legal structure: the first step in registering your business is to decide on a legal structure. Options include a sole proprietorship (empresa individual), a partnership (sociedad colectiva or sociedad en comandita), or a limited liability company (sociedad limitada or sociedad anónima). Each type of legal structure has its own advantages and disadvantages, so it's important to carefully consider your options and consult with a lawyer or financial advisor if necessary.

Register with the Commercial Register: once you have chosen a legal structure, you will need to register your business with the Commercial Register. This can be done online through the website of the Spanish Companies Registry (Registro Mercantil Central). You will need to provide information about your business, such as the business name, legal structure, and owner(s), as well as any required documents, such as identification documents for the business owner(s).

Obtain a tax identification number: after registering your business with the Commercial Register, you will need to obtain a tax identification number (Número de Identificación Fiscal, or NIF) from the Spanish tax authorities. This number is used to identify your business for tax purposes and is required to open a business bank account.

Register with the Social Security system: If you will be hiring employees, you will also need to register your business with the Spanish Social Security system. This can be done online through the website of the Spanish Social Security (Seguridad Social).

Once you have completed these steps and obtained the necessary documents, you can proceed to open a business bank account. Keep in mind that the process of registering a business in Spain can be complex and may vary depending on your specific circumstances. If you want to open a business account in an easier and faster way, meet wamo.

Open a business account with wamo in just 10 minutes!

Do you want to open a business account in Spain? Wherever you are in the world, you can open a business account in Spain with wamo. It’s possible to easily open your wamo account completely online without going into a bank or even going to Spain. YOu also won;t have to deal with unnecessary paperwork, outdated security check methods or the long waiting times sometimes experienced with traditional banks. The wamo business account is designed specifically to be accessible for small to medium-sized businesses. Thanks to its ease of use, you can manage all your finances from a single account. For more information, visit the wamo website. To register with wamo, download the wamo business application from the App Store or Google Play or access the webapp from the website. Feel free to contact us for more detailed information.

Wamo.Io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. Wamo.Io LTD (Firm Reference Number 922901) is an EMD agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.

Wamo Solutions Ltd is registered under the Laws of Malta with company registration number C97355 and registered office at Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians STJ 3141, Malta. Wamo Solutions Ltd is an EMD agent of UAB “PAYRNET” which is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (authorization code LB001994, license reference 72).

The wamo card is issued pursuant to licence from Visa. UK issuance is conducted by PayrNet Ltd and EU issuance is conducted by UAB PayrNet. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be safeguarded in one or more segregated bank accounts with a regulated third party credit institution and not lent out, which gives you protection against insolvency, in accordance with the provisions of the Electronic Money Regulations 2011.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner